What Is Included in a Purchase Agreement When Buying a Home?

 Posted on April 30, 2021 in DuPage County Real Estate Attorney

Shopping for a new home is an exciting process, especially once you find a home that fits everything on your checklist. Purchasing a home is a big accomplishment for many people, but the process that you must go through can be confusing and overwhelming for many people. Before you can move into your new home, there are a few things that you need to take care of on the legal side. No home sale can be completed without a contract, also referred to as the purchase agreement, in addition to an array of other forms and documents. Your purchase agreement is one of the most important documents involved in the home-buying process. Once you and all applicable parties sign the agreement, it is considered to be legally binding, which is why you should know what is included in the agreement you are signing.

Components of a Home Purchase Agreement

Once you have found your dream home, you will have to submit your offer to the buyer in written format. Certain information is always included in the purchase agreement, such as the contact information for both the buyer and the seller, a description of the property, including the property’s address, the purchase price, the condition of the property, and any items that may be included in the sale, like the appliances. In most cases, there will be other conditions that need to be met before the agreement can be valid. These are called contingencies, which spell out the rights and obligations of both the seller and buyer. Some of the most common contingencies include:

• Being able to obtain certain financing terms
• Any requested seller assist, which usually involves closing costs
• Results of the home inspection
• Your desired closing date
• Your date of possession
• Selling your existing home

If certain contingencies are not met, your sale will not be completed. You can have your attorney write the terms of the contingencies into the contract, such as your right to walk away from the sale if the contingencies are not met.

Contact Our DuPage County Purchase Contract Attorneys Today

Once you get past the initial thrill and excitement of purchasing your home, all of the legal processes come into play. At Stock, Carlson & Duff, LLC, we know how challenging the home-buying process is and seek to make the legal aspect as simple as possible. If you are looking to purchase a home, you should contact our Wheaton, IL real estate purchase contract lawyers to discuss your options. Let us do the legal legwork for you; call us today at 630-665-2500 to schedule a consultation.

Sources:

https://www.isba.org/public/guide/buyingahome

https://www.thebalance.com/purchase-contract-1798612

https://www.investopedia.com/financial-edge/0810/7-must-have-real-estate-contract-conditions.aspx